The biggest validation of America’s semiconductor reshoring bet just landed, and it wasn’t from Washington.

surged past $130 on Monday, hitting a fresh all-time high after The Wall Street Journal confirmed a preliminary agreement for Intel to manufacture chips for devices. The stock is up roughly 500% over the past year, and this deal explains why the rally still has legs. When the world’s most demanding chipmaker that ships over 200 million iPhones annually, decides your fabs are good enough, that’s not a trade. That’s a structural shift.